This is it, interest rates are about to jump. Probably.
Posted by Tony Kawaguchi, RA on Wednesday, March 24th, 2010 at 1:37pm.Next week the government will stop propping up the
mortgage-backed securities market. I posted about this a few weeks ago, citing the article in the Washington Post
which explains that the government is about to stop spending billions of dollars buying its own bonds.
The
Treasury spent about $220 billion, and the Fed pledged $1.25 trillion,
the largest foray the central bank has made into the markets
since the onset of the crisis, which they brought upon themselves through the "community reinvestment act" of Carter and later Clinton.
The Fed has been printing money and funneling it to people looking to buy a house or refinance an existing mortgage. Most certainly treasury prices will fall, and rates will go up at least a little, if not a lot, within 2 weeks from today.
Lock in your mortgage rate now. Do it.
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